Cirrus Logic vs Semtech
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KIRA’s take AI analyst
I put Cirrus Logic and Semtech side by side, using each one’s latest annual report. Here is what stands out:
- Cirrus Logic is the larger business, with $2.0B of revenue in fiscal 2026 against $1.1B for Semtech, about 1.9 times as much.
- Semtech grew revenue faster (15.5%, against 5.3%).
- Cirrus Logic kept more of each dollar of sales as operating profit (23.1% operating margin, against 3.1%).
- Cirrus Logic turned more of its sales into free cash flow (31.9% FCF margin, against 16.3%).
- Cirrus Logic earned a higher return on the capital invested in it (29.6%, against 2.9%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Cirrus Logic
CRUS
9/11
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Semtech
SMTC
2/11
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | CRUS FY26 | SMTC FY26 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $12.9B |
| Revenue | $2.0B | $1.1B |
| Free cash flow | $637M | $171M |
| Net income | $414M | −$40.4M |
| Growth | ||
| Revenue growth | 5.3% | 15.5% |
| 5-year growth | 7.8% | 12.0% |
| Share count change | −4.4% | 23.4% |
| Profitability | ||
| Gross margin | 52.8% | 51.6% |
| Operating margin | 23.1% | 3.1% |
| Net margin | 20.8% | −3.9% |
| FCF margin | 31.9% | 16.3% |
| Return on capital | 29.6% | 2.9% |
| Return on equity | 20.3% | −7.4% |
| Balance sheet | ||
| Net debt | −$888M | $296M |
| Net debt / EBITDA | −1.7x | 4.7x |
| Dividends and buybacks | $280M | $0.0M |
| Valuation & quality | ||
| P/E | 13.8x | — |
| Piotroski F-score | 8 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.